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I am new to BitCoin. Can someone help me understand how the money was stolen ? I thought coins are stored in user wallets ?
by hatred 13y ago
I am new to BitCoin. Can someone help me understand how the money was stolen ? I thought coins are stored in user wallets ?
- Anderkent 13y agoPeople transfer bitcoins or fiat to the service, then never withdraw.
- vinhboy 13y agoGBL is for bitcoin like what Etrade is for US dollars (well, sort of). Imagine one day Etrade just disappeared... Then all the money people had in their Etrade account would disappear with it. If you had your money in your wallet, and Etrade disappears, nothing happens to your money. Same with a bitcoin wallet.
- MAGZine 13y agoThey are, but if you wish to exchange currency to/from real dollars, then you need to use an exchange like this, who will "trade" you BTC for currency. Unfortunately, if you had currency stored with the exchange, but did not make a transaction for real currency, it has simply disappeared.
- jafaku 13y agoYou can also trade in person, like people have done for thousands of years with gold.